Carbon attracts further $260 million in growth funding

Carbon L1 Lab

Carbon L1.

Carbon has announced plans to expand into Europe and Asia after raising over $260 million in growth funding.

This latest influx of cash takes the company's total fundraising up to $680 million and its post-money valuation to over $2.4 billion. Funding has been co-led by Madrone Capital Partners and Baillie Gifford, and included contributions from Arkema, Sequoia Capital, Johnson & Johnson Innovation, Fidelity Management & Research Company, Adidas Ventures, and JSR Corporation.

Following this investment, Carbon has confirmed it is to establish an Advanced Development Facility to enhance its R&D capabilities and improve its portfolio and workflows in scaled-up manufacturing environments, while also pursuing expansions into Europe and Asia. The company has also pledged to invest more into its development of recyclable and biocompatible materials, as well as its software offering. Software objectives include enhancing automated design tools and improving workflow functions, like fleet monitoring and compliance information management. Team expansion plans include additions to sales, marketing, and customer experience.

Having been established in 2013, Carbon has continued to attract investment, and continued to expand its portfolio of hardware and material products, as well as ensuring regular updates to its software. Its machines are now operational around the world, with the company reporting a 33x increase in print volumes, and a 5x increase in print hours in the last 12 months. Users include Adidas, BMW, and Riddell, and with this latest wave of investment, the company is keen to keep the ball rolling towards manufacturing parts at scale.

“Through their partnerships with large-scale manufacturers in automotive, healthcare, and consumer goods, [Carbon is] proving that, with their Digital Light Synthesis technology, additive manufacturing in larger scale production is becoming a reality across industry sectors,” said Greg Penner, Founder and General Partner at Madrone Capital Partners & Chairman of Walmart. “This is an inflection point for the company, and we’re proud to be able to contribute to Carbon’s future success.”

“With the Carbon Platform, powered by our Digital Light Synthesis technology, companies are finally breaking free of the constraints of traditional polymer manufacturing methods to make what’s next now, and at speeds and volumes never before possible,” commented Dr. Joseph DeSimone, Carbon’s CEO and Co-Founder.

“Carbon’s business model is as innovative as its technology,” added Ellen Kullman, Lead Director of Carbon. “Its ‘hybrid SaaS’ business model is an industry first for manufacturing, enabling a high level of predictability and recurring revenue. Having designed smart hardware from the ground up that is updated via regular, over-the-air software upgrades, the team is ushering in a new era of high-tech manufacturing, one destined to unlock the full promise of Industry 4.0.”